CANADA STOCKS-TSX set to open lower on soft Chinese growth

Fri Apr 13, 2012 8:36am EDT
 
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April 13 (Reuters) - Canada's main stock index looked set to open lower on Friday as commodity prices weakened after slower-than-expected growth data from China.

TOP STORIES

* China's economy grew at its slowest in nearly three years in the first three months of 2012, with a weaker than expected reading raising investor concerns that a five-quarter long slide has not bottomed and that more policy action would be needed to halt it.

* Former Research In Motion co-chief executive Jim Balsillie sought to reinvent the BlackBerry smartphone maker with a radical shift in strategy before he stepped down, two sources with knowledge of his plans said.

* JPMorgan Chase & Co first-quarter profit fell 3 percent as recent recoveries in trading and deal-making failed to lift investment banking revenue to earlier levels. But results still beat Wall Street expectations.

* Exploration company Alderon Iron Ore Corp said on Friday it agreed to sell a stake in itself and its Kami iron ore project in eastern Canada to Chinese steel producer Hebei Iron & Steel Group [HEBEIH.UL} for C$194 million ($195.4 million).

MARKET SNAPSHOT

* Canada stock futures , down 0.45 percent, pointed to a lower open.   Continued...